2617 Eddy St · Saginaw, MI 48602

$9,995

3 bd · 1.0 ba · 898 sqft · SingleFamily public records · 77 Days on market

Built 1894 3,485 sqft lot

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

City of Saginaw bungalow in need of total renovation. Conveniently located near the highway and upcoming Riverfront developments.

Key facts

• Total renovation
• Near the highway
• 3,485 sq ft lot

Tags

• TOTAL RENOVATION
• NEAR THE HIGHWAY

Property features AI

Finance

• HOA & community: Homeowners association present

Exterior

• Utilities: Public water available; Public sewer available
• Home design: Single-family residence; One level
• Construction: Asbestos construction material
• Exterior features: Lot dimensions approximately 30 x 120

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: No heating; No cooling
• Interior features: 4 total rooms; Basement present

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $10k.

Deal economics

• At list price, monthly cash flow is $756 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $10k).
• Recommended offer: $9k (6.0% below list) — sets the bar for market timing.
• Cap rate 97.0% vs local median 7.8% in Saginaw — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 63/100 on livability (#521 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Saginaw School District (urban): math 20% / reading 29% proficiency, ranked #444 of 540 in MI (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 76% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Thompson Middle School (math 6% / reading 13%, grade F, #479 of 493 statewide, top 97%, 397 students, 93% FRL) — zoned schools average 93% FRL vs 76% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 10% at this address vs 24% district-wide (-15 pts) — the specific schools serving this property underperform the Saginaw School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+4.0%/yr); 250 active listings in the ZIP; 154 units permitted in Saginaw County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $69 of loan paydown is wiped out by about $300 of value loss. Plan a longer hold.
• Saginaw County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($9k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 16y ago; this cycle's ask has dropped $5k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $6k; list at $10k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1894 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $9,395 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1894 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 10.44% ✓
• Cap rate: 97.03%
• Cash-on-cash: 324.07%
• DSCR: 15.42
• GRM: 0.8

CMA / ARV

• ARV (on-the-fly): $76,330
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2558 N Bond St	0.41mi	3/1.0	888 (-1%)	14mo	$80,000	$90	68
626 Stoker Dr	0.34mi	3/1.0	1,012 (+13%)	1mo	$65,000	$64	62
2312 Durand St	0.59mi	2/1.0 (-1)	849 (-6%)	4mo	$24,750	$29	55
587 Meadowlawn St	0.74mi	3/1.0	925 (+3%)	7mo	$127,000	$137	55
2222 Benjamin St	0.47mi	2/1.0 (-1)	944 (+5%)	12mo	$83,000	$88	54
2439 Hermansau St	0.24mi	3/1.5	1,030 (+15%)	10mo	$33,000	$32	54
3034 N Michigan Ave	0.47mi	2/2.0 (-1)	848 (-6%)	10mo	$105,000	$124	52
2918 Jackson St	0.39mi	2/1.0 (-1)	810 (-10%)	14mo	$39,000	$48	49
2022 Benjamin St	0.57mi	3/1.0	1,016 (+13%)	4mo	$35,000	$34	48
2459 Benjamin St	0.39mi	2/1.0 (-1)	1,023 (+14%)	8mo	$50,000	$49	47
2408 N Mason St	0.61mi	3/1.0	987 (+10%)	11mo	$129,900	$132	46
2529 N BOND St	0.43mi	2/1.0 (-1)	763 (-15%)	6mo	$65,000	$85	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.98% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 18.00×
• Total profit: $47,572
• Equity at exit: $1,490

10-year hold

• IRR: —
• Equity multiple: 39.53×
• Total profit: $107,821
• Equity at exit: $864

Cash invested: $2,799 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 48602

• Home prices YoY: -19.7%
• Rents YoY: 4.0%
• Active inventory: 250
• Price-to-rent: 0.8×

Monthly cashflow live

• Estimated rent: $1,044 medium
• Mortgage (P&I): −$52
• Tax from tax record: −$12 /mo · $144/yr
• Insurance: −$4
• HOA: −$0
• Vacancy / Maint / Mgmt: −$219
• Net cashflow: $756

Break-even live

Break-even rent $87

Max offer price $9,995

Occupancy floor 23%

Sensitivity live

Price	-10% $761	-5% $759	+0% $756	+5% $753	+10% $750
Rent	-10% $673	-5% $715	+0% $756	+5% $797	+10% $838
Rate	-1.0pp $761	-0.5pp $758	base $756	+0.5pp $753	+1.0pp $751

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $2,499
• Closing costs: $300
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-19
   days on market $9,995 Active 77 DOM
2. 2026-06-18
   days on market $9,995 Active 76 DOM
3. 2026-06-17
   days on market $9,995 Active 75 DOM
4. 2026-06-16
   days on market $9,995 Active 74 DOM
5. 2026-06-15
   days on market $9,995 Active 73 DOM
6. 2026-06-14
   days on market $9,995 Active 71 DOM
7. 2026-06-12
   days on market $9,995 Active 70 DOM
8. 2026-06-09
   days on market $9,995 Active 67 DOM
9. 2026-06-08
   days on market $9,995 Active 66 DOM
10. 2026-06-07
    days on market $9,995 Active 65 DOM
11. 2026-06-05
    pricedays on market $9,995 Active 62 DOM
12. 2026-06-03
    days on market $11,000 Active 61 DOM
13. 2026-06-02
    days on market $11,000 Active 60 DOM
14. 2026-06-01
    days on market $11,000 Active 59 DOM
15. 2026-05-31
    days on market $11,000 Active 58 DOM
16. 2026-05-30
    days on market $11,000 Active 57 DOM
17. 2026-05-23
    price $11,000 129-char remark

    Show marketing remark (129 chars)

    City of Saginaw bungalow in need of total renovation. Conveniently located near the highway and upcoming Riverfront developments.

18. 2026-05-22
    price $11,000
19. 2026-05-07
    price $12,500 129-char remark

    Show marketing remark (129 chars)

    City of Saginaw bungalow in need of total renovation. Conveniently located near the highway and upcoming Riverfront developments.

20. 2026-05-06
    price $12,500
21. 2026-04-23
    price $13,500 129-char remark

    Show marketing remark (129 chars)

    City of Saginaw bungalow in need of total renovation. Conveniently located near the highway and upcoming Riverfront developments.

22. 2026-04-22
    price $13,500
23. 2026-04-03
    listed $15,000 Active 129-char remark

    Show marketing remark (129 chars)

    City of Saginaw bungalow in need of total renovation. Conveniently located near the highway and upcoming Riverfront developments.

24. 2026-04-03
    listed $15,000 Active

    Show marketing remark (129 chars)

    City of Saginaw bungalow in need of total renovation. Conveniently located near the highway and upcoming Riverfront developments.

25. 2010-04-23
    soldstatus $6,000 83-char remark

    Show marketing remark (83 chars)

    3 Bedroom Saginaw Home. Sold 'as is'. Verification of funds needed with all offers.

26. 2010-04-23
    soldstatus $6,000

    Show marketing remark (83 chars)

    3 Bedroom Saginaw Home. Sold 'as is'. Verification of funds needed with all offers.

27. 2010-04-21
    historical 83-char remark

    Show marketing remark (83 chars)

    3 Bedroom Saginaw Home. Sold 'as is'. Verification of funds needed with all offers.

28. 2010-03-01
    listed $6,000 83-char remark

    Show marketing remark (83 chars)

    3 Bedroom Saginaw Home. Sold 'as is'. Verification of funds needed with all offers.

29. 2010-03-01
    listed $6,000

    Show marketing remark (83 chars)

    3 Bedroom Saginaw Home. Sold 'as is'. Verification of funds needed with all offers.

30. 2006-02-22
    soldstatus $34,874
31. 2006-02-22
    soldstatus $24,274

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $144 · $12/mo
• Projected year-2 tax: $149 · $12/mo
• Expected delta: +$5/yr ($0/mo · 3.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,522
• − Mortgage interest: −$560
• − Property taxes: −$144
• − Insurance: −$50
• − Repairs & maintenance: −$1,002
• − Management: −$1,002
• − Depreciation: −$291
• Taxable income: $9,474
• Est. tax owed @ 24.0%: −$2,274
• After-tax cash flow: $6,796/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Saginaw School District
• NCES district ID: 2630390
• Math proficiency: 20% ▼ -5.00%
• Reading proficiency: 29% ▼ -3.00%
• Median HH income: $28,940
• Composite: 19.6/100
• National rank: #8755
• State rank: #444 of 540 in MI

Livability — Saginaw

• Score: 63/100
• State rank: #521
• US rank: #15424

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Saginaw, MI
• County: Saginaw County · 54,884 people
• City population: 54,884
• Metro: Saginaw, MI
• Population (ZIP): 27,127
• Household income: $46,984
• Rent vs Own: 35.8% rent · 64.2% own
• Severe rent burden: 1416.0

Population outlook (Saginaw County) Hauer SSP2

• Today (2025): 180,568 people
• By 2030: 172,302 · -4.6%
• By 2040: 153,919 · -14.8%
• By 2050: 135,519 · -24.9%
• By 2075: 97,199 · -46.2%
• By 2100: 65,037 · -64.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 50% Black 27% Hispanic / Latino 17% Two or more races 12%
• Hispanic origin (detail): Mexican 14% Puerto Rican 1%
• Common ancestry: Romanian 4% Lithuanian 3% Italian 2%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Saginaw

• 2024 margin: Toss-up / Even · D 47.7% · R 51.0% · Other 1.4%
• 2008→2024 swing: -20.6pp toward R · 2008: 17.3pp · 2024: -3.3pp
• All cycles: 2024: R+3.3 2020: D+0.3 2016: R+1.1 2012: D+11.9 2008: D+17.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.15%
• Current HPI: 159.8807
• Rent YoY: ▲ 3.98%
• Metro: Saginaw, MI
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

-68.5% since first listed

15 events — show timeline

• 2026-05-23 Price Changed $11,000 MiRealSource-MiMLS
• 2026-05-22 Price Changed $11,000 REALCOMP
• 2026-05-07 Price Changed $12,500 MiRealSource-MiMLS
• 2026-05-06 Price Changed $12,500 REALCOMP
• 2026-04-23 Price Changed $13,500 MiRealSource-MiMLS
• 2026-04-22 Price Changed $13,500 REALCOMP
• 2026-04-03 Listed $15,000 REALCOMP
• 2026-04-03 Listed $15,000 MiRealSource-MiMLS
• 2010-04-23 Sold (MLS) $6,000 REALCOMP
• 2010-04-23 Sold (MLS) $6,000 MiRealSource-MiMLS
• 2010-04-21 Listing Removed — MiRealSource-MiMLS
• 2010-03-01 Listed $6,000 REALCOMP
• 2010-03-01 Listed $6,000 MiRealSource-MiMLS
• 2006-02-22 Sold (Public Records) $24,274 Public Records
• 2006-02-22 Sold (Public Records) $34,874 Public Records

Property tax history

-9.1%/yr

Latest (2025): $144 · -16.3% YoY. Source: county tax records.